The
Blounts dishonest activities targeted for the most part at unsuspecting older investors through early surrender charges, risky investments and other inappropriate choices took place while he was a registered rep for
The NASD earlier received 97 customer complaints on Blount, who, ironically, was once NYLifes Broker of the Year (see sister publication Annuity Market News June 2003, September 2003).
Last September, NYLife insisted that Blount had acted on his own and that the companys supervisors could not have detected his inappropriate sales methods. Company spokesman William Werfelman told MME the firm "cooperated fully with the NASD investigation into the activities of former agent J. Steven Blount, whose contracts with NYLife were terminated for cause on Nov. 29, 2001. Through a mediation, we have resolved almost all known complaints relating to Blounts activities."